使用公共数据进行特许经营评估.pdf

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1、2All Constituents Do Not Necessarily Share a Point of View of Franchise Value Grow and maximize shareholder value over medium and long term Predictability of performance is a key towards value maximization Time to realization matters Platform needs to allow for accomplishment of goals Expect higher

2、income year-over-year The Brand they are employed by matters Not necessarily accountable to shareholders Protect the capital base from tail events Ensure business continuity of operations Time is less of a factor than certainty Not accountable to investors Protect the organizational reputation from

3、business outcome and litigations Aligning management compensation to relative performance Accountable to investorsFranchise Value Conflicting Points of ViewInvestorsRegulator/Rating AgencyEmployeesBoard of DirectorsIncreasing Enterprise ValueProtect Capital&Policy HoldersCompensation&BenefitsRelativ

4、e Value&Reputational Risk3OpportunitiesRecognizing How Management is Judged-Over-time public company management teams will be judged both by the absolute and relative value they created for shareholders Connected Decision Making Need to connect decision making back to core organizational value drive

5、rs Accepting Trade-offs-Properly understanding the trade-offs between cost and opportunity not only at the transaction level,but how the transaction integrates to the company level result Challenges Timeline Reporting periods and value creation periods are often mis-aligned,which can lead to sun-opt

6、imal decision making Communication As it relates to public company valuation investors are limited to what a company reports,however,the attributes of individual transactions can be obscured Conflicting Priorities Even within smaller organizations differences in expectations and incentives can lead